- We are pleased to provide comment to the PCAOB regarding the recently issued proposed auditing standard related to auditing estimates, including fair value measurements, and the related proposed amendments to auditing standards related to the auditor’s use of the work of specialists.
- The FASB issued an update to U.S. GAAP that aims to simplify hedge accounting, one of the most complicated areas of accounting. The update allows hedge accounting to be used for a broader range of risk management strategies.
- Baker Tilly's Philip Santarelli weighs in on recognizing costs under the new revenue recognition standard in this Compliance Week article. (subscription required)
- The PCAOB is scheduled to discuss its 2016 audit inspection results during a forum for auditors of broker-dealers in October. The board will also provide updates on enforcement and audit standards at the forum.
- The FASB’s sweeping new revenue recognition rules go into effect in 2018 and will require a major change in the way companies calculate the top line in their income statements. The actual impact to the revenue figure reported, however, will vary from company to company, and most experts believe the software industry will see a significant impact.
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